Shares of Dropbox (NASDAQ: DBX) have skyrocketed today, up by 21% as of 12:45 p.m. EST, after the company reported fourth-quarter earnings. The results beat expectations and the cloud storage pioneer announced a share repurchase plan.
Revenue in the fourth quarter rose 19% to $446 million, topping the $443.4 million in sales that Wall Street was expecting. Adjusted net income came in at $0.16 per share, ahead of the $0.14 per share in adjusted profits that analysts were modeling for. Dropbox ended the year with annual recurring revenue of $1.8 billion. Paying users grew to 14.3 million, with average revenue per paying user of $125.
Image source: Dropbox.